A new currency for charitable giving with the launch of For Good Causes

A new currency for charitable giving with the launch of For Good Causes
21.04.2020 08:32 am

A new currency for charitable giving with the launch of For Good Causes

Financial

For Good Causes -the UK-based fin-tech company - today officially launches its innovative new scheme which is set to transform the way consumers and retailers donate to charity.

For several years UK charities have been under increasing pressure as demand for their services rise, at a time when fundraising is impacted on many fronts, not least by the decline in cash donations as we move to an increasingly cashless society. Now as a result of the COVID-19 crisis, charities are forecasting a 48% decline in voluntary donations despite a 43% increase in demand, according to research by the Institute of Fundraising.

Following a successful pilot, For Good Causes is pleased to announce new brands are joining the service, allowing more consumers to give generously to their chosen charity without spending a penny, by converting their loyalty points and rewards into a digital monetary donation. It’s a new currency for giving.

For Good Causes is the world’s first charitable ecosystem working to create a brand-new income stream for UK registered charities as a response to the ongoing fundraising challenge. The platform unites hundreds of brands and retailers with more than 20,000 charities, enabling millions of consumers to donate their loyalty and reward points to causes that are close to their heart.

Aiming to raise £500m for UK charities over the next five years, For Good Causes plans to expand internationally and raise £5bn over the next ten years.

Crispin Rogers, CEO of For Good Causes, says: “On average we have around 6 loyalty cards each in the UK and more than half of us don’t use all our points and rewards. This means over £7bn worth of unused rewards are sitting around doing nothing, whilst millions more are being earned every day. Imagine if we could recycle just some of that value and turn it into a force for good, helping UK charities continue their amazing work.”

Joining the For Good Causes platform today are:

• BP, with 1,200 forecourts across the UK
• The Koin Rewards App with brands like Neals Yard, Able & Cole, Ecotricity, Elvis & Kresse and 40 other eco-friendly and sustainable merchants
• Rakuten which enables consumers to shop and earn rewards at many high street brands like Morrisons, House of Fraser, Curry’s, B&Q, Superdrug, Monsoon, SuperDry, Ted Baker and many others through Rakuten.co.uk and with Rakuten TV which lets users stream the latest movie releases and TV series.

These new brands join existing partners such as Vodafone, Quidco and Pure Planet that are already Empowering GenerosityTM. Vodafone customers have donated their rewards to more than 1,750 different charities via the For Good Causes platform; proof-positive that when given the choice, consumers want to support the charity that is close to their heart or close to their home.

Beyond consumer loyalty programmes, For Good Causes is also being used by brands who wish to embed generosity into their broader marketing and customer engagement strategies, as well as those focused on business users such as Yulife, Reachdesk, GiftCloud, WeGift, Tillo, MLP and TLC.

Louise Jackson, Loyalty Manager at BP, says: “BPme Rewards gives BP customers the chance to earn points on fuel and in-store purchases. We are delighted that our customers can now choose to use their rewards to support causes that are close to their hearts and their communities.”

Toby Otsuka, CEO of Rakuten Europe, says: “In these uncertain times, charities need our support more than ever. By joining forces with For Good Causes, we can encourage Rakuten members to stay generous and make a big difference by redeeming their Rakuten Points at Rakuten.co.uk in exchange for a donation to the charities they care about most passionately.”

Charity Partners participating in the launch and helping to raise consumer awareness include Macmillan Cancer Support, Great Ormond Street Hospital, Combat Stress, The Trussell Trust, NHS Charities Together.

Oliver Lashbrook, Macmillan Cancer Support, says: "Macmillan is funded almost entirely from voluntary donations. That’s why we are excited to have partnered up with For Good Causes. With this new way of giving, Macmillan will be able to continue being there for people living with cancer when they need us most."

Louise Parkes, Chief Executive at GOSH Charity, said: "Now more than ever, we are relying on the generosity of our supporters to be able to continue supporting the hospital to deliver the very best care to seriously ill children from across the UK. Making it easy for people to donate by using rewards they’ve earned in their daily lives is a fantastic way of raising vital funds, and we’re thrilled to be one of the charities involved in this initiative.”

For Good Causes is proud to be recognized as one of London’s most innovative scale-ups, awarded a place on the Mayor’s International Business Programme and reaching the semi-finals in KPMG’s Best British Tech Pioneer 2020.

Reflecting on the technical foundation of the proposition, Lawrence Williams, Chief Technology Officer at For Good Causes, commented: "For Good Causes provides donation tokenisation on its AWS cloud-based platform. A series of microservices related to issuance, redemption and management of tokens work independently to deliver a scalable service capable of very high transaction rates. Brands can opt to pre-purchase donation tokens from us or utilise our APIs to enable charity selection and donation within their own customer flows.”

Commenting today on the announcement Kevin Smith (Head Of KPMG Private Enterprise for EMEA and Global Co-Chair of KPMG’s Emerging Giants Centre of Excellence) added: “There has never been a more important time for people and businesses to get behind charities and the vital work they do in our communities. This initiative is a perfect example of the innovation that is currently coming out of the UK with a host of new business with one mission - to solve a problem for people that’s not currently being addressed.

“For Good Causes was shortlisted in our 2020 British Tech Pioneer competition for using technology to produce a simple and convenient way for consumers to donate funds to charities without having to dig into their own finances. The team are running hard to keep up with a surge in demand and it’s brilliant to see them going from strength to strength with a number of new corporate clients at a time when Britain is coming together like never before to support each other.”

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